Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: The Ox who wrote (27216)	8/6/1998 12:02:00 PM
From: VLAD	Read Replies (2) of 95453

For those following CDG: Just spoke to the CFO about current situation. All their rigs are now contracted out and except for a few days this quarter (which he believes will be filled), they will continue to be rented in Q3. Day rates continue to stay in the mid 20's. The lower day rates will actually increase business since some smaller companies can now afford to contract out rigs at the cheaper prices. First Call for Q3 is in the.90's and at present day rates they should be able to to meet estimates. The Venuezuelian article on rig contracts being dropped does not effect rigs. If the stock price continues to trade at these levels they will seriously consider a stock buy back because they are now building significant levels of cash.

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